New York
IN a record year for US municipal mutual fund withdrawals, the JPMorgan Intermediate Tax Free Bond Fund shrank more than 25 per cent. Yet it has still outpaced almost two-thirds of its peers.
Investors yanked US$1.4 billion as at Nov 30, after it started the year with about US$5.3 billion, the second-biggest outflow as a percentage of assets among muni funds larger than US$1 billion, according to Morningstar Inc. The fund's 1.4 per cent loss in 2013 up to Dec 20 compares with an average drop of 1.9 per cent for its peers, data compiled by Bloomberg show.
The fund weathered the withdrawals by choosing higher-quality, frequently traded debt, said Rick Taormina, head of muni strategies in...
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